CBN Refutes Rumour Saying ‘No Processing Fee Applied To COVID -19 Loans’

CBN Refutes Rumour Saying ‘No Processing Fee Applied To COVID -19 Loans’

By Abdul Jummai | Politics Reporter on April 15, 2020
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Godwin Emefiele, the governor of the Central Bank of Nigeria

The  Central Bank of Nigeria, CBN, has refuted claims in the social media circles that loan seekers and owners of small-scale businesses who apply for  COVID-19 loans are required to pay a certain amount as application processing fee.

In a statement on Tuesday, April 14, 2020, its CBN director, Corporate Communications, Isaac Okorafor, said: “For the avoidance of doubt, there are clearly spelled out procedures for accessing the N50 billion Targeted Credit Facility, TCF, stimulus package to support households and micro, small and medium enterprises, MSMEs, affected by the COVID-19 pandemic, which is disbursed through the NIRSAL Microfinance Bank, NMFB.

“Members of the public, particularly households and owners of small-scale businesses, are therefore advised to disregard any message requiring them to pay any amount to process their applications.

“Prospective applicants are advised to approach NIRSAL Microfinance Bank or the CBN branch nearest to them for clarification on the procedure for accessing any of the CBN-related loans. Any observed irregularities should be reported to the Consumer Protection Department of the CBN.’’


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